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Peter Schiff Discovers No Country For Corporate Profits

Tyler Durden's picture




 

While the general economy continues to float along a depressionary bottom across all key verticals including housing (quadruple dip), jobs (the "new part-time normal" even as real unemployment has risen to 2012 highs), and manufacturing (contracting for 3rd month in a row and lowest since mid-2009): a bleak picture manifesting itself in a sub-stall speed GDP in the third year after the "recession ended" despite trillions of fiscal and monetary stimulus (not to mention that according to Gluskin Sheff 100% of the developed world is now contracting), one aspect that has not only kept the S&P buoyant, but shoved it to near all time highs, has been the general offset to atrocious labor conditions and low salaries: namely surging corporate profits.

Needless to say (because we have said it many times), corporate profits are no longer surging, and together with corporate revenues, have now peaked on a year over year basis and are declining, but sure enough over the past 3 years, the ability of companies to refinance at ZIRP-levels, and to fire tens of millions of full time workers (offsetting in rare cases by hiring hundreds of thousands of part-time workers) has allowed the build up of a massive cash buffer allowing companies to better prepare for the next systemic crisis, as well as handle the never-ending geopolitical uncertainty. Most importantly, it is this transient yet record profitability, together with now endless central planning intervention by the Fed, that saw the S&P close at the highest level since 2008, a fact which the president will undoubtedly mention and take credit for during the DNC speech in two hours.

So while on one hand corporate profits are something to rejoice over, at least when not blaming them on the previous president, on the other hand it is these same "evil" corporations, in various populist narratives, that are the root of all evil, and are the reason why America's real unemployment rate continues to be sticky in the 15% range.

One such narrative was discovered by none other than Peter Schiff who pulled an OccupyWallStreet (remember that whole Occupy movement?) where but at the Democratic National Convention. What he did, was succeed in exposing some very disturbing prevailing beliefs about the government's role in establishing the 'utility' value of the free market as manifested by corporations, namely that according to a broad cross-section of society, it is the government job to "explicitly outlaw profitability."

We wish to remind readers that this has been done on numerous occasions in the past, but most "effectively" in the Soviet Union's centrally planned regime. Until the USSR's failure of course. The premise of eliminating profitability is also quite popular, and even has its own name: nationalization, and its result in a business "manager" who is perfectly ambivalent if the state owned enterprise makes or loses money. After all the wage is determined by a politburo, and is not a function of the profits, or losses, a business may engender.

Furthermore, it is probably worth reminding that the primary tenet behind capitalism is the production of goods and services for a profit.

Sadly, quite a few of these concepts appear to have not been made clear to not just one or two Americans as the following clip demonstrates.

 

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Thu, 09/06/2012 - 21:28 | 2770174 newengland
newengland's picture

Peter Schiff. Hurrah. You tell 'em. Good man from CT. Now there's change I can believe in ;-)

Thu, 09/06/2012 - 21:40 | 2770220 newengland
newengland's picture

For the -1,

Peter is trying to point out how easily people spend other peoples' money if there's something in it for them, whether they be an individual or a corporation.

Thu, 09/06/2012 - 21:29 | 2770175 e-man
e-man's picture

That last lady was trying to hit on Peter.

Thu, 09/06/2012 - 23:28 | 2770487 AgShaman
AgShaman's picture

Yeah....."Big Pimpin' at the DNC". Peter can tell his new wife that Billie Jean King was "mackin" on him

? ? ?

Thu, 09/06/2012 - 21:32 | 2770182 Atomizer
Atomizer's picture

In case you missed this segment on your local news channel.

Even Jon Stewart Finds ‘Tolerance’ at the DNC Doesn’t Extend to Conservatives: ‘Nazis and Evil’

 

Them EBT niggers will never jet our plantation. We can’t afford ta lose profits an’ become a capped revenue center.

 /sarc

Thu, 09/06/2012 - 21:44 | 2770243 newengland
newengland's picture

Jon is at his best when he speaks, without fear or favour.

Thu, 09/06/2012 - 21:49 | 2770267 Atomizer
Atomizer's picture

You were to quick to reply. Lost edit mode.

 

BTW: I always enjoy using their verbiage back at them.. Such as, 'Once you vote black, you never go back.' This is a so hilarious. They write this material, not me..

Thu, 09/06/2012 - 22:08 | 2770319 newengland
newengland's picture

A...

There is a cold quiet fury in New England, and we are not amused by the Republican and Democrat conventions. This is the quiet before the storm. They do not own our land. They did not make our land. They are condescending, without merit.

Thu, 09/06/2012 - 22:30 | 2770379 Atomizer
Atomizer's picture

We'll get thru this. Of course its easier said than done. Many will bond, even the government loafers will finally understand the agenda.

Thu, 09/06/2012 - 21:33 | 2770187 Yen Cross
Yen Cross's picture

 Peter Schiff on Joe Biden.  " Bring it Bitch"!    Shiff eats Joes right ear! "pun"

 

    Biden eats Schiffs " GOLD MEMBER". and calls it " even-0-stevens"!

Thu, 09/06/2012 - 21:40 | 2770222 nmewn
nmewn's picture

They put Biden in chains...lol...the irony is delicious.

Thu, 09/06/2012 - 21:54 | 2770261 Yen Cross
Yen Cross's picture

nmewn    Your report card is +AAA in my book.   

You are an extremely "concise" albeit "vociferous" @ times contributer.    I love ya for it!   

  Is BIFF Biden done speaking yet?  ( back to the future style)

 

      

Thu, 09/06/2012 - 21:35 | 2770192 TheObsoleteMan
TheObsoleteMan's picture

I saw the clip last night when it had only 300 views and was hoping it would get over to here. The average lefty has not even the basic grasp of economics or business in how it relates to the economy. They don't make the connection between corporate profits and the performance of their 401k. Or where tax revenues come from to pay for all of their good money poured down the drain social programs. And you can bet this: Any cap on business profits would also be applied to the small business owner just as well. What would be the point of busting your ass then? So some "baby's mama" can live large off of someone Else's sweat? TO HELL WITH SOCIALISM, TO HELL WITH THE DEADBEAT PARTY.

Thu, 09/06/2012 - 21:41 | 2770221 LawsofPhysics
LawsofPhysics's picture

How about to hell with fucking bailouts? How about restoring mark to fucking market? How about restoring real fucking consequences for bad behavior? Bring it motherfucker!

Thu, 09/06/2012 - 21:58 | 2770289 Zero Govt
Zero Govt's picture

the left is not about understanding enterprise or where the money comes from, it is about believing (idealism)

it's believing that you haven't got something, but those who have owe it to you

it's more commonly known as theft 

Fri, 09/07/2012 - 00:51 | 2770634 poor fella
poor fella's picture

Who GIVES A SHIT about a 401k?!?! I'll save and invest my own money, thank you very much. You are a dependant on a different scam... still a dependant - still getting scammed, just like somebody on a 'social program'. Ponzi Street baby. Let me know how that 101k is treating you in your golden years.

 

Fri, 09/07/2012 - 01:37 | 2770705 TheObsoleteMan
TheObsoleteMan's picture

Who gives a shit about 401ks? Oh, I don't know.....maybe......TENS OF MILLIONS OF PEOPLE!! Do I suspect that owning a 401k is no more than owning a piece of the bubble? Hell yes! Do I own one? HELL NO! Do I advise you own one? HELL NO! But that makes little difference to the millions that do. That matching dollar scam is just to good to pass up for 99% of us. How is gold going to protect you once it is outlawed and confiscated by the zogbots? Farm land is better, though I suspect they will tax that into oblivion. I don't think there will be any safe place to hide once they get scared, REALLY scared. Anybody with any thing at all will be treated like the kulaks were under Stalin.

Thu, 09/06/2012 - 21:37 | 2770205 GlassSteagall
GlassSteagall's picture

Democrats ... nough said.

Thu, 09/06/2012 - 21:59 | 2770296 Zero Govt
Zero Govt's picture

Republicans ... nough said.

Thu, 09/06/2012 - 23:52 | 2770535 palmereldritch
palmereldritch's picture

It's Demodrones vs Republidrones...2012!!

Thu, 09/06/2012 - 21:38 | 2770211 tok1
tok1's picture

the problem started with the bailout.. What Obama missed which seems obvious is when a big company goes down all the small ones benifit as the get the  customers.. SO if he let say the big banks go under in 2008 (and just Gov guaranteed the deposits and loans) ie so the bail out only goes to the people who where defrauded (ie depositiers received almost no return whie banks used the moeny for no risk bonus)... 

Then consumers would have been protected.. the smaller regional banks would have picked up a lot of the  deposits / loans from the failed large banks and recovery would be quicker more stable.

Same with car companies.. so what if GM goes under.. Then new players would have been given a change to buy their old plant and equipment for rock bottom prices and by now you might have several new companies emerging .. with better products.

Same for everything.. if Wall mart goes under prob local shops ect would spring up quickly to fill the voild some might end up becoming large in the future.

 

All Obama did was keep the status quo for the big corporates and wreack  the chances for new companies.. Thats why the union persepctive makes no sense. They want to be guaranteed jobs that may not serve any purpose.. and have on demand for what their making just because they feel their owed a job or something. 

Now he's stuck with these old indebted companies with slow growth and waisted Govt spending on Supporting them

profits are irrelivent..

Thu, 09/06/2012 - 21:44 | 2770240 LawsofPhysics
LawsofPhysics's picture

Bush signed the first bailout. He had a chance to veto the fucker. He didn't and I became an independent.

Thu, 09/06/2012 - 22:37 | 2770392 knightowl77
knightowl77's picture

True, but Obummers and Mcvain both voted for it......incest?

Thu, 09/06/2012 - 22:47 | 2770413 Anusocracy
Anusocracy's picture

Larger aggregations are easier to control.

Government doesn't want to deal with five million small businesses each employing twenty workers, it wants to deal with five giant businesses each each employing twenty million workers.

Government could give a shit about individuals and small businesses.

Fri, 09/07/2012 - 01:42 | 2770716 TheObsoleteMan
TheObsoleteMan's picture

I disagree. if this were the case, why not just exempt the small business owner from taxes? Private citizens as well? No, they want to control EVERYBODY AND EVERYTHING, THAT IS THEIR NATURE. No one is too small to play their part in the game of "we know what is best".

Sat, 09/08/2012 - 23:47 | 2775614 Anusocracy
Anusocracy's picture

You are wrong.

An example would be government dealing with businesses for tax withholding, or for that matter, sales taxes.

Imagine if each individual had to remit income or sales tax directly to the government.

I do heartily agree with your comment on control, though.

Control is a survival trait.

Thu, 09/06/2012 - 21:39 | 2770212 alien-IQ
alien-IQ's picture

This is just too stupid to be posted anywhere let alone on ZH.

Come on guys, you're better than this...aren't you?

Thu, 09/06/2012 - 21:42 | 2770231 nmewn
nmewn's picture

Stupid? This is nothing, wait till O'Barry's speech.

Thu, 09/06/2012 - 21:50 | 2770269 Dr. Engali
Dr. Engali's picture

I'll be bypassing that speech. I ate a burrito for dinner and I'd like to keep it down.

Thu, 09/06/2012 - 21:43 | 2770234 newengland
newengland's picture

It's free speech. You got a problem with that? Refer your complaint to the Republican and Democrat Conventions.

Thu, 09/06/2012 - 22:41 | 2770401 shovelhead
shovelhead's picture

Watch the speech...

You'll get a preview of what that burrito will be in 12 hours.

Thu, 09/06/2012 - 21:39 | 2770215 Au
Au's picture

I am shocked.

Thu, 09/06/2012 - 21:43 | 2770223 chump666
chump666's picture

Corp Profits have been crap sans APPL, but that won't last.  The markets right now, first time in all history of stocks/capital markets, are being 100% supported by the ECB/FED.  Traders are not clueless too that, once profits turn worst, more so from inflation eating into real interest on credit, profits, wages...it will be a turning point for the market as a whole. 

F*ck American and European centric stupidity, and also f*ck Obama.  The thing is, the creditors of the world are in HUGE trouble.  Stagflation is eroding their ecomomies at a rapid rate.  China is blowing up.

Stocks, markets will take the hit from hell.  Just saw some chatter from a trader (FX) saying that the DXY is now turning bearish.  What?  EUR is selling, USD is gently bid and again Asia markets are NOT (literally) buying the madness out of Europe and America.  Ignore that and you deserve to be fleeced

Dream land turns to nightmare very quickly.  AS for OWS, next one will be aimed at the central banks for becoming rogue goverments making decisions over elected government/s.  And it will probably start in Europe this time since America is in sleepy la la land.

 

Thu, 09/06/2012 - 21:44 | 2770241 chump666
chump666's picture

I need a shot of tequila.

Thu, 09/06/2012 - 21:56 | 2770283 Uncle Remus
Uncle Remus's picture

Just a shot? Jeebus, I remember going across the border from AZ into Mexico buy Jose Cuervo on the cheap, back in the 70's.

Thu, 09/06/2012 - 22:09 | 2770322 chump666
chump666's picture

Tequila 1970 stories.  Wow.

I got Esplon, love that stuff.  Cheapish too.

Big fan of Tequila, but one shot usually turns into half a bottle...or more.

Thu, 09/06/2012 - 22:54 | 2770436 Uncle Remus
Uncle Remus's picture

What can I say, haven't had any tequila since then. And, you could drive across the border back then and go to the store like you would on this side of the border. Made Tequila Sunrise slushes with the cheap stuff in the blender for the women, straight shots of the good stuff for the guys.

Thu, 09/06/2012 - 23:53 | 2770538 chump666
chump666's picture

It was like dirt cheap back then right?  Cheap stuff for the women lol ah sh*t...

I know there are $100 shots now, Anjeo, aged for like 5yrs or something in bourbon barrels.  Even Eddie Van Halen has a plantation of Agave down there.

Fri, 09/07/2012 - 10:51 | 2771678 Uncle Remus
Uncle Remus's picture

It has been a long time, but Cuervo Centenario and Cuervo 1800 Anejo were (are) sipping tequilas. By cheap I mean just plain old Cuervo Gold - not bathtub tequila. But today, if I had a reason to celebrate, say for example a toast to Liberty, it'd be a well-aged single malt whiskey. And perhaps a good Cuban cigar.

Thu, 09/06/2012 - 22:06 | 2770314 Meesohaawnee
Meesohaawnee's picture

asia..has a mind of its own? nahh

Thu, 09/06/2012 - 21:41 | 2770224 greenEagles
greenEagles's picture

How can it be expected for a society to thrive when a large percentage of the population can't grasp a concept as basic as profit?

Thu, 09/06/2012 - 22:04 | 2770307 Zero Govt
Zero Govt's picture

the political system is not about wisdom, honesty or understanding

it's about charlatans selling you a dream to legitamise an institution that lives off productive societies backs

Thu, 09/06/2012 - 23:09 | 2770457 Anusocracy
Anusocracy's picture

It's about manipulating differences in morality.

Read 'The Righteous Mind: Why Good People are Divided by Politics and Religion' by Jonathan Haift.

http://www.amazon.com/Righteous-Mind-Divided-Politics-Religion/dp/030737...

Book Description

Why can’t our political leaders work together as threats loom and problems mount? Why do people so readily assume the worst about the motives of their fellow citizens? In The Righteous Mind, social psychologist Jonathan Haidt explores the origins of our divisions and points the way forward to mutual understanding.
 
His starting point is moral intuition—the nearly instantaneous perceptions we all have about other people and the things they do. These intuitions feel like self-evident truths, making us righteously certain that those who see things differently are wrong. Haidt shows us how these intuitions differ across cultures, including the cultures of the political left and right. He blends his own research findings with those of anthropologists, historians, and other psychologists to draw a map of the moral domain, and he explains why conservatives can navigate that map more skillfully than can liberals. He then examines the origins of morality, overturning the view that evolution made us fundamentally selfish creatures. But rather than arguing that we are innately altruistic, he makes a more subtle claim—that we are fundamentally groupish. It is our groupishness, he explains, that leads to our greatest joys, our religious divisions, and our political affiliations. In a stunning final chapter on ideology and civility, Haidt shows what each side is right about, and why we need the insights of liberals, conservatives, and libertarians to flourish as a nation.

Thu, 09/06/2012 - 21:42 | 2770229 TooBearish
TooBearish's picture

Schiff is a simplistic lightweight...croney capitalist MONOPOLY profits should be illegal because price fixing occurs across all industry, not market based price discovery- there used to be anti-trust laws in this country but they like other rational social mores have long gone the way of the dodo bird.

If cartel corporations were not allowed to BUY their regulator and make laws that tilt the "competitive" edge their way half the shit we're in now would not exist.

the tyler that posted this sucks, very unZH of you, shame!

How many fat demos can you suck into Schiff's line of reasoning...answer.... ALL OF EM

 

 

Thu, 09/06/2012 - 21:51 | 2770275 fonzannoon
fonzannoon's picture

Schiff has no control of the regulatory process. he runs a business and employs people and works for profit. if u don't like him you can do business elsewhere.  

Thu, 09/06/2012 - 22:21 | 2770354 tip e. canoe
tip e. canoe's picture

he really had an opportunity there to expose the fundamental hypocrisy of their thinking, considering that the most obsene corporate profits are accumulated off the backs of the FedGuv welfare/warfare system and subsidized by the FedRes.   that he did not after climbing on the back of the Liberty movement for his popularity should tell you all you need to know about his true intentions.

he should really replace the 2 F's in his last name to L's.

Thu, 09/06/2012 - 22:25 | 2770367 fonzannoon
fonzannoon's picture

way to extrapolate on a 4 min clip that was pretty much meant to be a humerous look at these idiots. you should draw on more info before coming to such an ignorant conclusion. better yet get out there like he does and make a difference.

Thu, 09/06/2012 - 23:06 | 2770454 tip e. canoe
tip e. canoe's picture

the only difference Peter Schiff makes is for Peter Schiff.   the only difference between he and Van Jones is the flavor of propaganda they choose to spew.   the tactics & objectives are the same : divide & conquer the masses.

if you wish to buy his schiff schtick, go for it.  it's a free country after all.  just don't come crying when the gold-backed plastic paper he's schilling gets corzine'd if and when TSHTF.

Fri, 09/07/2012 - 00:11 | 2770555 palmereldritch
palmereldritch's picture

I think you're right.  He may be full of Schiff.

His Dad has got balls though.

Thu, 09/06/2012 - 21:46 | 2770245 Pejorative Requiem
Pejorative Requiem's picture

It's Schiff who can earn profit even if the "entity of interest" is taking a nose dive. "Profit" is an outcome effected by many inputs......... as long as regulators are bought off or don't care, it's an ambiguous word. And what about non profit corps? Now, if Schiff wanted to outlaw profit for Schiff..... THAT would be a story. We could enact a law that says anything he brings in is profit.

Thu, 09/06/2012 - 21:55 | 2770281 newengland
newengland's picture

Stop whining. If you keep voting for the politicians bought by biggest commercial banks, then you have only yourself to blame.

Thu, 09/06/2012 - 22:17 | 2770300 Uncle Remus
Uncle Remus's picture

The Who - "The Dirty Jobs" (Quadrophenia) excerpt

My karma tells me
You've been screwed again.
If you let them do it to you
You've got yourself to blame.
It's you who feels the pain
It's you that feels ashamed.

 

https://www.youtube.com/watch?v=dzYSBvSSMpc

Thu, 09/06/2012 - 22:22 | 2770360 newengland
newengland's picture

The Who:

'Don't Get Fooled Again'.

'Meet the new boss. Same as the old boss.'

If you keep voting for these corporatists, you lose, mate.

Thu, 09/06/2012 - 22:33 | 2770385 Pejorative Requiem
Pejorative Requiem's picture

You have to get out of the box, mate. Corpratists are only one cabal. There are others in play.

Thu, 09/06/2012 - 22:45 | 2770409 newengland
newengland's picture

Incorrect.

Thu, 09/06/2012 - 22:25 | 2770366 Pejorative Requiem
Pejorative Requiem's picture

Schiff was whining.......not me. And, if you decide to vote, you must vote for a politician who has been bought by one cabal or another. If you're narrowing it down to commercial banks, at least you're focused. Really focussed. Like a laser beam focused.

Thu, 09/06/2012 - 21:45 | 2770246 AndrewJackson
AndrewJackson's picture

Peter schiff is pure gold in that clip. I especially liked how peter said that the consumers deserve a bigger piece of the pie because of all the work ...er shopping we do. Hilarious.

Thu, 09/06/2012 - 21:54 | 2770278 newengland
newengland's picture

Pure gold ;-) That is change we can believe in.

Thu, 09/06/2012 - 21:47 | 2770255 chump666
chump666's picture

*SYDNEY, Sep 07 (***) - Australia's trade balance worsened in July to a deficit of $556m as exports (-3.0%) fell by more than imports (-1.0%)

Smoke that Mario you mad f*cker.  Germany buyer (China) is done, there is no way the Germans will finance a damn thing for those lazy PIIGS. 

EUR is done and short again. Let's go.

Thu, 09/06/2012 - 21:58 | 2770273 Yen Cross
Yen Cross's picture

BTFD chump. The 200day ma is 1.0320. Massive short covering if that level goes;-)

 

 

 

PBOC Sets Yuan Rate At 6.3412 vs 6.3439 Yesterday

Written by

Thu, 09/06/2012 - 21:59 | 2770298 chump666
chump666's picture

The AUD?  i dunno.  yeah, i think you got short cover rally there, no doubt.  but i am watching the DXY, USD and it's bid (corp buyers out of India/china). rallies look capped, stocks too.  it was a massive short cover rally last session (equities).  it's an awdul markets for bears at the moment.  ray of hope is profit taking, the market is too overpriced. here marc faber calling for a 20% wipe out on euro stocks?  a lot of players are waiting to buy dips cheap.  the market is not cheap.  i still have a penciled crash before or after the 12thsept.

i'll btfd then.

 

Thu, 09/06/2012 - 22:07 | 2770318 Yen Cross
Yen Cross's picture

  chump666        $A/¥  is the trade into payrolls.   ACB's are buying $'s. The S/T intraday trade is $A/¥. 

Thu, 09/06/2012 - 23:58 | 2770545 chump666
chump666's picture

my only concern with the job report and the AUD/risk is that gold and silver are heavy and selling, USD slightly bid, oil down.  since the market is front running everything from central banks and goverments.  it looks priced in, good number, or somewhat good.  USD will rally, rates slightly up.  QE on hold.

and equities go bid and sell into the close, or just sell on profit taking which is long overdue.

everything looks perilous.

 

Fri, 09/07/2012 - 00:33 | 2770591 Yen Cross
Yen Cross's picture

 Thought you might enjoy this read Chump.  You will probably react like I did.  http://www.telegraph.co.uk/finance/comment/9526147/Mario-Draghi-promised...

Thu, 09/06/2012 - 21:49 | 2770263 LawsofPhysics
LawsofPhysics's picture

There are no "markets" Peter, you dipshit. There has not been any real "price discovery" for quite some time. Peter, stop, you stink of fear and now is not the time to lose credibility.

Thu, 09/06/2012 - 21:59 | 2770287 newengland
newengland's picture

L,

He knows this. Now it's time to jerk off the jerks. What the hell. Why not?

No one in New England gives a damn for the Republican and Democrat Conventions who stole honest delegates from Maine and Massachusetts who abided by the rules, but they were cheated by the DC machine.

 

Thu, 09/06/2012 - 22:22 | 2770351 LawsofPhysics
LawsofPhysics's picture

That might be the only thing a maniac and a masshole would agree on. Wake me when someone is ready to actully do something. Funny, because both states have been socialist for about 20+ years. I lived in Maine for a while and even then the largest employer in the state, was the fucking state. Now Maine is full of old fucks with fat state pensions and they wonder why all their children left. EBT use in Maine is among the highest per capita. I see the "lazy" folks in the south revolting before anybody in Maine or massachusetts does.

Thu, 09/06/2012 - 22:41 | 2770399 newengland
newengland's picture

L,

Your personal observation is interesting. It is your personal experience. Nothing more than that. Good luck to you and yours.

New England gifted you everything in the USA. Only 3% fought in the Revolution. Others chose their side.

Choose yours.

Thu, 09/06/2012 - 22:58 | 2770442 WillyGroper
WillyGroper's picture

+10

Thu, 09/06/2012 - 22:05 | 2770312 buzzsaw99
buzzsaw99's picture

come now peter. all major corporations are heavily subsidised and protected by the gubbermint. small business and the middle class are the only ones going it alone and they are getting wiped out one by one. fascism 101 buddy.

Thu, 09/06/2012 - 23:15 | 2770466 SAME AS IT EVER WAS
SAME AS IT EVER WAS's picture

"What is understood need not be discussed" and what is understood is capitalism; it has clearly helped build the highest standard of living and greatest nation ever, although I am seeing it start to cannibalize itself by way of greed and loss of integrity. America has become ridiculously over "marketed", trying to squeeze every last cent of profit out of the (in their eyes) "gullible sheep." To top it all off, due to government intervention, (career politicians and career corporate politicians [lobbyists]) America now has one arm being pulled by the socialists and the other by the fascists and the only one running for president to have a clue about it (not one of the men behind the curtian) was Ron Paul, who by the way, basically had his campain stolen by the gop,(though I'm for anybody but obama and get that "handing the hangman a rope feeling" deep inside) and the American people buy into this total bullshit.

Thu, 09/06/2012 - 23:42 | 2770518 Yen Cross
Yen Cross's picture

Buzz you kick azz! :-)

Thu, 09/06/2012 - 22:10 | 2770325 XRAYD
XRAYD's picture

But, since corporations are people, my friends, should people like Schiff be allowed to make profits?

Thu, 09/06/2012 - 22:11 | 2770328 s n p
s n p's picture

there is a massive schiff to the left happening in this country, and i sure hope it peters out

Thu, 09/06/2012 - 22:26 | 2770370 heresy101
heresy101's picture

Peter and the Austerians won't be so glib about corporate monopoly profits and the raping of working people of this country when the gspotparty takes power.

History will repeat a couple of hundred years after the French Revolution when those having over $1M (but we will start with those having $1B) have the gspot on the neck identified for where the guillotine will hit.

Their heads can be lined up on poles in the order of their wealth to immortalize how successful they were in life!

Thu, 09/06/2012 - 22:34 | 2770382 newengland
newengland's picture

If you state slaves get your way, then you will starve whilst bureaucrats feast at your famine. See the examples of Stalin, Pol Pot, Bosnia, and the Middle East,  Syria in particular for recent examples. China too.

 

You are fortunate to live in the West, pet.

Thu, 09/06/2012 - 22:52 | 2770431 heresy101
heresy101's picture

For those that believe in the "free market" and its rational allocation of resources, check this out:

http://economyincrisis.org/content/wake-up-call-we-are-on-the-verge-of-a...

Somehow, I missed one market based transaction (probably brokered by Bain capital) -

"Most recently, the U.S. sold China AMC Theatres, with over 5,000 movie screens, for $2.6 billion."

We public power workers are fine will working for state bureaucrats as long as we don't have to carry out the greedy, unsafe, contemptuous policies of corporations like PG&E!

Oh, before you bash me on Obama, I am voting for Jill Stein of the Green Party.


Thu, 09/06/2012 - 23:02 | 2770444 newengland
newengland's picture

heresy,

Keep whipping the masses until morale improves, comrade.

Here's a few of your successes: Lenin/Trotsky/Stalin, the Red Terror, Hitler, Mussolini, Pol Pot, and the desert despots of the Middle East. See Syria for the latest example of a ruler slaughtering his people.

Be grateful that you live in the West. The Green party are kind, and useless in so far as children starve while you feast at their famine with your pretty useless regulations.

Do something useful: defend the fishermen of New England.

Fri, 09/07/2012 - 00:19 | 2770573 ejhickey
ejhickey's picture

when you mentioned the "gspotparty"  I thought you meant something else.  I thought it has some sort of group sex connotation involving blinfolded people seaching for G spots.  then you had to spoilt the hole thing by bringing up the guillotine.  Party pooer!

Thu, 09/06/2012 - 22:45 | 2770410 jeffgroove102
jeffgroove102's picture

Contradiction is simply an ugly truth of human existence, a part of me agrees with peter schiff and a part of me disagrees. Rate my post heavily and tell me your thoughts. While I am not in favor of handouts, crony capitalism has simply run amok too, and is unsustainable.

Thu, 09/06/2012 - 22:52 | 2770426 newengland
newengland's picture

The contest of ideas is a good thing, in my opinion.

Corporatism is bad.

Corporations, good. Corporatism, bad. Bureaucrats, tools of State.

Thu, 09/06/2012 - 22:52 | 2770429 El
El's picture

I am astonished that so many ZH commenters (just passing through, perhaps?) apparently don't know who Peter Schiff is or what this video was all about. That is almost as funny as the video.

Thu, 09/06/2012 - 22:57 | 2770435 newengland
newengland's picture

The media monitors of main parties infest every major internet site, including this. They know who Peter Schiff is, and I know them well.

Thu, 09/06/2012 - 23:26 | 2770484 palmereldritch
palmereldritch's picture

The Globalist (Marxist flavor...not to be confused with Fascist Corporatist version...oops they're different sides to the same counterfeit coin anyways) mantra:

For what shall it profit a man, if he shall gain the whole world, and lose his own soul?

For their psychotic obsession with eradicating individuality, freedom of expression, freedom of movement and innovation of economic capital and all the freedoms that those things provide for the average individual (it is/was called the Middle Class) they can think of no greater profit. They are soulless, so this observation in the quote from someone with a soul is ultimately irrelevant and (for them) a hilarious footnote to their main focus: gaining the whole world.

Marxist Corporatism (see Mussolini) is the Globalist's manifesto for achieving Neo-Feudalistic Technocratic dominance of the planet and all its resources, people (especially supressing their ability to understand their power, profit and potential!) included.

The greatest trick the devil ever played was convincing the world that he did not exist

Ever feel like you're watching a very bad magick trick?

Thu, 09/06/2012 - 23:41 | 2770516 Vuke
Vuke's picture

The most depressing thing about this video is that each and everyone of them is an American.

Fri, 09/07/2012 - 00:01 | 2770544 rfaze
rfaze's picture

The country I worshiped as a child.

Served with pride in the military.

I now see with discuss........... 

Fri, 09/07/2012 - 00:08 | 2770556 ejhickey
ejhickey's picture

video is not playing.  just thought you should know

Fri, 09/07/2012 - 00:56 | 2770589 poor fella
poor fella's picture

This is the DUMBEST strawman bullshit I've ever seen... (with some dumb ass people, granted). I like Schiff's view on gold and fiat - but stay out of politics dude. I would have reamed him a fresh asshole in the middle of his face if he would have interviewed me.

The fucking sellouts during the Olympics and all that Nike shit every fucking .2 seconds was ludicrous (I would have worn some U.S.-made jeans and a t-shirt) - How can anyone forget Nike's lovefest with slave and child labor?!?! Fucking ass-clowns you fucking tools are if you don't see multi-national corporations maximizing profits in ANY and every WAY possible and are now being apologists - wake the Hell up... You think they're different than Dimon, Blankfein, Bernank, and all the other cock-knockers out there??! It's the same fucking playbook! So, EAT YOUR GMO and fucking die like a good carbon-based consumer after spending ALL your money for it's-too-late healthcare......

 Why the HELL is billhillery in BURMA and East Timor and shit all of a sudden?!?! I'm sure some MNC factories are soon to follow, with armed gunmen forcing children to work for food (and I'M NOT FUCKING KIDDING!!!! LOOK IT UP!)

The reason the financial and corporate system is so fucked (and hence WE ALL ARE GETTING FACE FUCKED every fucking day) is ludicrous incentives. WE ALL KNOW THIS!! It's a live for the quarter existance for all the golden parachute MBA SHITHEADS. Business models be damned. It's "get mine NOW and get the fuck out".

When Michael Moore interviewed Charleton Heston I was completely pissed at the ambush and this is the same b.s. FUCK MULTINATIONALS and if you're not boycotting their asses YOU are a just another dumb motherfucking corporate tool. No matter if you stack PMs, believe in freedom, think you're patriotic, or whatever, THOSE dumb BITCHEZ in the mirror might be YOU. Globalization IS FUCKING FUCKED (this especially goes to the apologist that responded a couple weeks ago "^& a bunch of shit blah blah blah" gives globalization a bad name.. I forgot your point, cuz there wasn't one, it's fucked. so fuck you).

Fri, 09/07/2012 - 00:35 | 2770594 amadeusb4
amadeusb4's picture

Seriously, Tyler? Schiff is an idiot. There's very little that he says that actually makes sense, never mind being useful.

Fri, 09/07/2012 - 02:00 | 2770736 UGrev
UGrev's picture

What's the name of your Radio show?

Fri, 09/07/2012 - 09:04 | 2771228 tip e. canoe
tip e. canoe's picture

do you honestly believe that Authority and Legitimacy is derived from having a radio show?   come on...you don't have to agree with the premise, but don't be such an easy mark for soapbox charlatans.

Fri, 09/07/2012 - 01:59 | 2770734 UGrev
Fri, 09/07/2012 - 02:22 | 2770753 newengland
newengland's picture

Lying, racist, tax grabbing corporatist fuckers.

There. Said. True.

Fri, 09/07/2012 - 02:25 | 2770754 newengland
newengland's picture

Lying, racist, tax grabbing corporatist fuckers.

There. Said. True.

The AshkeNAZIS rule the fake 'Democrats'.

Fri, 09/07/2012 - 02:01 | 2770738 q99x2
q99x2's picture

If I were King I would kick most all corporations out of the country after prosecuting and jailing their boards of directors. And if they claimed the rights of individuals I'd send them to Gitmo.

That one reason I am not King. 

Fri, 09/07/2012 - 02:08 | 2770744 UGrev
UGrev's picture

Mr. Carney.. does Obama know you're on the computer again? 

Fri, 09/07/2012 - 02:18 | 2770751 newengland
newengland's picture

All fun and games and money until someone gets killed.

Oops. That's the troops. It's horrible to see how political and Wall St pets squabble while others die for their right to do so.

There has never been a time in U.S. history when so many of our troops go abroad for war, yet the DC crowd and their fans yap yap yap as if ....

Fri, 09/07/2012 - 06:43 | 2770868 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Maximal corporate profit implies:

1) No Tax

2) No Regulation

As newengland points out, there are plenty of troops killed and wounded in foreign adventurism. The adventurism is conducted as part of what might be called, "national strategic interests". If there was one plot line, it would seem to be that the world must remain open for global trade and by extension the ability to profit therein. Multi National Corporations are by definition global trade. To pay no tax is to free ride under the umbrella of the "national strategic interest". Free trade, free ride? Something's wrong there.

No regulation creates a frictionless environment for profits. If there is no labor regulation, then profits will employ whoever, wherever to maximal efficiency. Slave labor, child labor, etc. No regulation, no worries about pollution, safety, fraud, etc.

The US is currently running a $16 tn national debt and fiscal deficits over $1 tn for the last 4 years. And into the future. Obviously, enough tax is not collected. However, corporations are not the only beneficiaries of globalization. Sovereign powers including certain Asian powers are as well. The "tax" is falling there in the form of currency debasement by the FED's money printing.You may think you own those dollars, but you are only renting them ...

U6 unemployment remains around 14-15%. Yet consumption continues as the populace is moved increasingly onto the public dime, with 45MM plus on foodstamps.

Maximal corporate profit is an unsustainable and corrupt model, just as the dictatorship of the proletariat was an unsustainable and corrupt model, just as unlimited collective bargaining rights in the public sector is.

As a citizen, one holds responsibilities towards something greater than the individual, and therein lies the problem throughout history.

Fri, 09/07/2012 - 09:10 | 2771193 tip e. canoe
tip e. canoe's picture

well said Bill.   that last paragraph does seem to be the central issue.    find it interesting that those who have organized themselves into tight-knit Tribes (including MNC's & unions) are the ones who are most effective in controlling the rest.

Fri, 09/07/2012 - 09:56 | 2771473 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Tribal is a good way to describe it. Tough to think of new ways of building a tribe outside of the current structures.

Fri, 09/07/2012 - 06:24 | 2770855 Confundido
Confundido's picture

Panem et circenses! Vinum et musica cor laetificant! 

Fri, 09/07/2012 - 07:25 | 2770911 e-recep
e-recep's picture

putting a cap on corporate profits would push corporations underground. yes, they wouldn't be this big anymore but there would be secret societies gathered for profit. on the other hand, if you don't enforce it in all the other countries, you'll just be swallowed in an instant. imagine how fast samsung would devour apple.

Fri, 09/07/2012 - 07:46 | 2770934 right-on
right-on's picture

Schiff is a cretin.

To the members of his 'cult' who attribute such veracity to his claims, are you completely ignorant to the fact that about 95% of his calls have been wrong over the past decade? 

Fri, 09/07/2012 - 07:49 | 2770939 Ghordius
Ghordius's picture

so 5% of his calls were gold? and the rest were...? I had the impression that 95% of his calls were related on the USD going down?

Fri, 09/07/2012 - 08:09 | 2770965 blindman
blindman's picture

Peter Schiff is loose at the DNC convention

Posted on September 7, 2012 by maxkeiser| 24 Comments
http://maxkeiser.com/2012/09/07/peter-schiff-loose-dnc-convention/

" Corporate profits or corporate welfare? If you take away the welfare US corporations get from the government there would be very little, if any, profits. Both Schiff and the respondents are clueless." ...
max
.
corporations are people too? or virtual people with
super powers of invisibility and extra legal status. etc.. a special class of persons perhaps?

Fri, 09/07/2012 - 09:10 | 2771266 Monk
Monk's picture

It was the same drive for profitability that led to the current crisis.

 

Fri, 09/07/2012 - 18:31 | 2773364 jonjon831983
jonjon831983's picture

I listen to Peter's message, but really dislike how he goes about it in many of his videos.

 

This video is an example of how he manipulates the conversation by forcefeeding and directing answers.  Not only that - he gets to pick and choose the ones that go his way and cut it into the video or presents his view of how far left the DNC is willing to go.

 

You'll notice his other videos are pretty one sided as well...

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